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Highlight: EDA’s Austin Regional Office Hosts Annual University Showcase at Louisiana Tech University

Louisiana Tech Logo EDA’s Austin Regional Office hosted its annual University Centers Showcase conference at Louisiana Tech University in March to highlight EDA-supported University Center economic development initiatives in the region.

Before a full-house of business developers, entrepreneurs, and educators, all 10 Southwestern University Centers presented their innovations, results, and best practices for economic development. The regional US Patent and Trademark Office also shared information about emerging commercialization, the incubation of businesses, and maker-space activities.

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Spotlight: EDA’s University Center Economic Development Program: Higher Education Resources and Expertise Supporting Local Plans to Grow Businesses

Letterman 'U' for University Institutions of higher education have extensive resources, including specialized research, outreach, technology transfer, and commercialization capabilities, as well as recognized faculty expertise and sophisticated laboratories.

The EDA-supported University Center (UC) program is specifically designed to marshal the resources located within colleges and universities to support businesses and regional economic development strategies in regions of chronic and acute economic distress.

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Port of Bristol Bay Cargo Dock Upgrade Supports U.S. Salmon Exports, Jobs in Alaska

The Port of Bristol Bay in Naknek, Alaska To keep up with the growing demand for Alaskan salmon domestically and abroad, local leaders at the Bristol Bay Borough in Naknek, Alaska knew significant improvements needed to be made to the Bristol Bay Borough Cargo Dock. As the tenth busiest port in volume and fourth busiest in the value of exports of fish, the Port of Bristol Bay moves over 93 million pounds of processed salmon annually, making it a vital part of Alaska’s southwestern economy. To increase the capacity of the dock and allow companies to expand, these upgrades were crucial. They were also necessary to keep local fisherman and processing crews employed.

After much discussion and consideration, Bristol Bay Borough leaders decided to reach out to officials at the U.S. Economic Development Administration to discuss opportunities for infrastructure funding through EDA’s Public Works program. As the only deep water facility in southwest Alaska that served employers in the commercial fishing industry, the Bristol Bay Borough qualified for EDA investment funds.

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Santa Fe Business Incubator: Economic Driver, Business Creation Center, and Innovation Hub

Santa Fe Business Incubator Exterior With a pressing need for new jobs in the area, the city of Santa Fe, New Mexico needed a mechanism to strengthen and diversify its local economy. The Santa Fe Business Incubator, a local non-profit and entrepreneurial leader in the community, had recent success in establishing several bio-science startup companies, however, the incubator needed more space if it was going to continue to serve entrepreneurs and young companies.

To expand the incubator’s bio-science wet lab and light manufacturing space and advance commercialization efforts in the region, Marie Longserre, President and CEO of the Santa Fe Business Incubator, decided to partner again with EDA.

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EDA Revolving Loan Fund Critical to the Success of Cedar Rapid’s Geonetric

Cedar Rapids, Iowa based Geonetric Geonetric, based in Cedar Rapids, Iowa, provides hospitals, health systems, and medical groups with the healthcare-specific content management systems they need to be optimized to respond to the unique needs of the healthcare industry.

Founded in 1999, Geonetric began by providing web application development generally, but quickly coalesced around the healthcare market. Currently, they build and support VitalSite CMS, a healthcare specific content management system.

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Highlight: EDA’s Trade Adjustment Assistance for Firms (TAAF) Program Key to Helping Import-Impacted Businesses Regain Their Competitiveness

TAAF Logo If you think your business has been hurt by increasing imports, we encourage you to contact the EDA-funded Trade Adjustment Assistance Center (TAAC) that serves your state to explore applying for TAAF assistance. There is no charge for technical assistance in applying for the program. Visit the TAAF/TAAC Contact Page to find the TAAC that serves your state.

Through a nationwide network of 11 EDA-funded TAACs, EDA’s TAAF program provides critical technical assistance to import-impacted manufacturers to help them strengthen their global competitiveness.

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Success Story: Jobs, Capital and Ecosystems: The Regional Innovation Strategies Program Shows Results

EDA’s Regional Innovation Strategies (RIS) program support’s cluster-focused innovation activities that spur job creation and economic growth.

Since the first RIS program grants were made in 2015, EDA has awarded more than $40 million across three funding rounds to support organizations working to help entrepreneurs bring new technologies to market. But it’s not just the federal investment making a big difference—the program requires grantees to pull together a minimum one-to-one match for every Federal dollar invested, ensuring that key community stakeholders have skin in the game.

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Spotlight: EDA’s Revolving Loan Program: Supporting Small Businesses

RLF Logo Today, there are 520 EDA-funded Revolving Loan Funds (RLFs) operating nationwide with a total of $267 million available for lending at below-market interest rates to small businesses that are unable to borrow from commercial banks.

These RLFs have made more than 37,500 loans to American small businesses and have leveraged more than $16 billion non-RLF dollars. RLF recipients report that the program has contributed to creating or retaining more than 662,000 jobs.

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Investments in Entrepreneurs Grow Small Businesses in Oklahoma

Robin Smith, Chief Executive Officer of successful startup WeGoLook, LLC., and staff at one of i2E’s entrepreneurial development centers. Due to significant job losses in its manufacturing sector, Oklahoma City needed a strategy to diversify and boost its economy. To move the city forward and create more opportunities for innovation and technology-based businesses, EDA partnered with local nonprofit, i2E, Inc., to support their “Oklahoma City Technology Business Initiative.” The initiative allowed i2E to provide advisory and training services to area entrepreneurs to help them expand their early stage technology companies and gain access to a network of investors.

i2E Logo In 2010, EDA awarded i2E $1 million to fund the “Oklahoma City Technology Business Launch Program” to develop new growth services for innovators and entrepreneurs.

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